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Procedural Formalities : The ECGC has three types of claim forms: (i) Form No.501 for claims rising due to non payment for goods accepted by the buyer, (ii)Form No.502 for claims arising because of the non-acceptance of goods/documents by the buyer, and (iii) Form No.503 for clinics on account of delay in transfer of funds to India. Claims due to the above causes should be filed in the respective prescribed forms. Other types of claims can be filed by means of a letter, giving full particulars of the cause and extent of loss. The claims have to be submitted to the ECGC office that issued the policy. Again, the claim forms should be sent through the bank which handled the export bill concerned. No claim will be entertained by the ECGC if it is not filed within a period of 24 months from the due date of the concerned bills.
Exclusion Clauses : Notwithstanding the vast range of perils covered under the contract of cargo insurance, insurance cover is not provided against a number of perils and losses.
Export Declaration : 'Every exporter must make a true declaration in the prescribed form. The declaration is mandatory and includes: i) The full export value of the goods; or
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Coverage and Institute Cargo Clause : Generally these perils are grouped in categories. Depending on the types of cargo policies (which exclude war and strike covers) are: Institu
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